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[quote=Anonymous][quote=Anonymous][quote=Anonymous]See my view is someone who is trying to “study current trends” to improve yields over a 20 time horizon is more likely to reduce their long term success than increase it.

By all means if you want to enter the debate over small cap value tilting you can, but I am pretty comfortable not trying to outguess the market. [/quote]

What an asinine comment. The tech boom has been a "current trend" for over 20 years. We would expect interest rates to remain low for the next 12-24 months, with plenty of warning for when monetary policy start to tighten. But with the new round of stimulus, the infrastructure spending package, and expected growth from reopening, it's likely that the equities market will continue to be the best choice for companies looking to raise cash, thus driving bond yields lower. Unlike stocks, bonds have a maturity date, anyone who is buying into bonds with the poor current yield is simply making a foolish mistake. Most bond funds over the past 10 years is barely returning 1% above inflation.

Look, 10/15 years ago, it was said that the era of 8-10% annual growth in equities was over, that at best you could hope for is 4-6%. This was the industry consensus, everyone rushed to value investing. If you don't think that current trends have a real long-lasting impact on the 20-year time horizon, you are mismanaging your investments. [/quote]

I have no idea what you are talking about and you apparently have no idea what I am talking about.  I don’t try to guess whether value investing is in or tech investing is in or the impact of BTC— I invest in the market and if those things turn out to be important I make money.  I also set my bond/stock allocation based on my risk preferences— I don’t have the need or desire to pretend that dividend paying stocks or REITs are good replacements for bonds in my portfolio. [/quote]

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